The Bearish trend continues for Gold as it hits a near-low of $1,945 for the second consecutive day after NFP, amidst a stronger USD and secure bond yields. DXY slightly increased to around 104.12 in the Asian session on Monday, maintaining its recovery from the one-week low.
The market is concerned about the higher interest rates of Fed and US-China tensions, as well as the new war headlines surrounding Russia and Ukraine. The recent stability of China's PMI has challenged bearish sentiments despite doubts about the Fed's ability to maintain higher interest rates in the long run.
Gold prices reflect the short-term price volatility while also highlighting the Fibonacci expansion level of 61.8%, which ranges from May 10 to June 1, at around $1,910, as the main support level to watch for. The initial recovery of gold prices may target the EMA 89 resistance level at around $1,960 before testing the key resistance level of the uptrend channel, which has been in place since last Tuesday, at nearly $1,970.
The market is concerned about the higher interest rates of Fed and US-China tensions, as well as the new war headlines surrounding Russia and Ukraine. The recent stability of China's PMI has challenged bearish sentiments despite doubts about the Fed's ability to maintain higher interest rates in the long run.
Gold prices reflect the short-term price volatility while also highlighting the Fibonacci expansion level of 61.8%, which ranges from May 10 to June 1, at around $1,910, as the main support level to watch for. The initial recovery of gold prices may target the EMA 89 resistance level at around $1,960 before testing the key resistance level of the uptrend channel, which has been in place since last Tuesday, at nearly $1,970.
